Stena (S) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues were SEK 11,715 million, down SEK 511 million year-over-year, with EBITDA at SEK 1,844 million, mainly due to declines in Offshore Drilling and Tanker Shipping, while Ferry and Property segments grew.

• Income from operations dropped to SEK 7 million from SEK 1,484 million in Q1 2024; earnings before tax were negative SEK 745 million compared to a profit of SEK 643 million last year.

• Liquidity remains strong at SEK 15.9 billion as of March 31, 2025, with a balanced mix of cash, securities, and unused credit lines.

• Operational EBITDA margin declined to 15.7% from 20.0% a year earlier.

Financial highlights

• Net gain on sale of assets was SEK 12 million, significantly lower than SEK 699 million in Q1 2024.

• Depreciation, amortisation, and impairment rose to SEK 1,867 million.

• Cash flow from operating activities was SEK 1,341 million, down from SEK 2,416 million in Q1 2024.

• CapEx for 2025 and 2026 totals SEK 4.8 billion, with SEK 10 billion expected for 2025.

• Net interest-bearing debt decreased to SEK 76,554 million from SEK 80,680 million at year-end.

Outlook and guidance

• Offshore Drilling faces softer tendering activity into 2025, despite strong contract coverage for 2024.

• RoRo & RoPax businesses are positioned for continued growth with three E-Flexers to be delivered through 2027.

• Management expects cash flow from operations and available funding to cover debt service, capex, and working capital needs.

• No formal EBITDA or leverage guidance provided; diversified business model supports stable cash flow even if drilling weakens.